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Memphis home prices continue to decrease

Memphis has seen a sharp fall in home prices over the last year.

Memphis has seen a sharp fall in home prices over the last year.

Memphis experienced a fourth straight month of falling home prices in September, according to a recently released CoreLogic report. These favorable real estate prices could prompt buyers to seek out the moving solutions that will allow them to relocate to the River City.

CoreLogic reported Memphis home prices fell 4.1 percent in September compared to numbers from a year ago. Non-distressed home prices in the United States also experienced a decline when compared to last year's numbers, posting a 1.1 percent fall from 2010.

“Even with low interest rates, demand for houses remains muted,” Mark Fleming, chief economist for CoreLogic, stated. “Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall.”

According to Trulia.com, the average listing price for a mid-range home in Memphis is between $82,000 and $101,000.

Forbes ranked Memphis fourth on the list of markets where home prices will rise in 2011, with a projected 3.2 percent increase.